The global nitrogenous fertilizers market size is projected to reach USD 140.51 billion by the end of 2026. The massive investments in the R&D products with active ingredients will aid the growth of the market. According to a report published by Fortune Business Insights, titled “Nitrogenous Fertilizers Market Size, Share & Industry Analysis, By Type (Urea, Calcium Ammonium Nitrate, UAN, Ammonium Sulphate, and Other Nitrogenous Fertilizers), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Turf & Ornamentals), and Regional Forecast, 2019 – 2026,” the market was worth USD 113.70 billion in 2018 and will exhibit a CAGR of 2.73% during the forecast period, 2019-2026.
Nitrogenous fertilizers are products that are produced through combination of substances that are inclusive of nitrogen. The constantly rising global population has created a subsequent demand for crop produce across the world. Recent advances in agricultural activities will emerge in favor of the companies operating in the market. The increasing number of agricultural subsidies will bode well for nitrogenous fertilizer vendors across the globe. The ability of nitrogenous fertilizers to improve the nutrient content of agricultural crop produce will lead to a wider adoption of the product across the world
Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of company mergers and acquisitions has had a massive impact on the growth of the market. Accounting to the massive demand for crop and crop produce across the world, large scale companies are looking to acquire smaller companies with a bid to establishing a stronghold in the market.
In November 2019, Nutrien Ltd. announced that it has completed the acquisition of Ruralco Holdings Ltd. Through this acquisition, the company plans to build on its existing range of nitrogenous fertilizer products. Due to the massive global customer reach of the company, this acquisition will not just help the company growth, but will also have a massive impact on the growth of the market in the coming years.
Asia Pacific Holds the Highest market Share; Growing Demand for Crop Produce Will Aid Growth
The report analyses the ongoing nitrogenous fertilizers market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific holds the highest market share, driven by the huge demand for crop produce in several countries across this region. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years. As of 2018, the market in North America was worth USD 21.18 billion and this value is projected to increase further in the coming years.
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